A Hurricane Katrina
Recovery Story:
Affordable Housing
in New Orleans,
Louisiana

8501 I-10 Service Road
New Orleans, LA 70127


Rental Information,
Amenities, and Floorplans


ACQUISITION / PRESERVATION / REDEVELOPMENT

Walnut Square

All of Walnut Square’s 209 housing units were completely destroyed when Hurricane Katrina devastated New Orleans in 2006. Rebuilding on the original site, NHPF undertook new construction, making it possible for residents to return to safe, attractive, and affordable homes.

The Walnut Square property includes an on-site community center providing residents the use of its business office, fitness center, computer lab, and an array of educational, health, and financial literacy programs. All residents, from children through seniors, are part of an active, welcoming community committed to healthy lifestyles, personal development, and civic participation.


TOTAL COST
$ 39,515,049

DESCRIPTION
This mixed-income property has 66 market rate units, 59 work force units, 42 units at
or below 60% AMI, 21 units at or below 30% AMI, and 21 units at or below 20% AMI.

FINANCING
Secured financing and funding for this project included:
$ 12,848,0079% Low-Income Tax Credits (LIHTC’s)
$ 2,626,810Bank of America Conventional Loan
$ 19,494,767Community Development Block Grant (CDBG) Subsidy
$ 600,000Bush-Clinton Katrina Fund Grant
$ 250,000NeighborWorks America Grant
$ 95,000Ford Foundation Program Related Investment
$ 450,000Louisiana Disaster Recovery Foundation Grant
$ 500,000Greater New Orleans Foundation Grant
$ 1,650,466Deferred Developer Fee
$ 1,000,000TCAP Subsidy




FOLLOW OUR COMMUNITY BUILDING

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NHPF’s diverse income and rent structure provides housing for a range of households from low to moderate income. Notwithstanding income levels, the same level of amenities and access to our services is offered to all residents.

This property is just one example of how NHPF’s commitment to affordable housing has helped American families.

ABOUT THE NHP FOUNDATION
Headquartered in New York City with offices in Washington, DC, and Chicago, IL, The NHP Foundation was launched on January 30, 1989, as a publicly supported 501(c)(3) not-for-profit real estate corporation. NHPF is dedicated to preserving and creating sustainable, service-enriched multifamily housing that is both affordable to low and moderate income families and seniors, and beneficial to their communities. NHPF also provides a robust resident services program to more than 28,000 community residents. Through partnerships with major financial institutions, the public sector, faith-based initiatives, and other not-for-profit organizations, NHPF has preserved 81 properties, totaling 14,259 units in 19 states and the District of Columbia. Today, NHPF’s portfolio includes 40 properties, totaling 6,801 apartment units, in 16 states and the District of Columbia.